[Finance] The cryptocurrency (Bitcoin etc) thread

[nicko31]

Would it be fair to say Bitcoin is really just another Ponzi scheme? Lets face it there are no earnings, assets or profit

There is an hope or expectation that funds managers just won't be able to resist the rise and start taking small stakes to wildly increase the value. I've even heard some talk about Bitcoin as some sort of hedge against inflation, this is my book seems bizarre

Like all gambling, the ride might be a bit of fun. But only if you are prepared to lose your stake almost completely

 

[Albion Dan]

I am absolutely licking my chops for the alt coin season that is going to follow this current bitcoin pump. The main money always starts in BTC, then flows to the big cap coins like Ethereum and Litecoin, then filters down to the lower cap coins where life changing money can be made.

 

[Albion Dan]

Would it be fair to say Bitcoin is really just another Ponzi scheme? Lets face it there are no earnings, assets or profit

[/QUOTE]

There is an asset. A digital store of value that is held as the gold standard for a method of value asset that will be the main function of how we all spend and receive money in the future. In future it may also be the only way to keep and spend money away from the view of govt and mainstream banks? If we are talking Ponzi then isn't money itself the ultimate and almost certainly going to be worthless after this pandemic?

 

[Albion Dan]

double post

 

[PHCgull]

I am absolutely licking my chops for the alt coin season that is going to follow this current bitcoin pump. The main money always starts in BTC, then flows to the big cap coins like Ethereum and Litecoin, then filters down to the lower cap coins where life changing money can be made.

just backed out of BTC last night, any tips for lower caps with potential?

 

[RandyWanger]

My bitcoins have been on a journey of late. Reaching for the stars! Never sold any though, I have them in a BRD wallet which I can only send elsewhere, know a good trader?
Do I swap my ETH into something else or hold on?

 

[nicko31]

There is an asset. A digital store of value that is held as the gold standard for a method of value asset that will be the main function of how we all spend and receive money in the future. In future it may also be the only way to keep and spend money away from the view of govt and mainstream banks? If we are talking Ponzi then isn't money itself the ultimate and almost certainly going to be worthless after this pandemic?[/QUOTE]

So why is the asset worth a lot more than a month or a year ago? What is the asset doing or invested in to justify a higher valuation?

Money worthless after the pandemic? Devalued quite possibly by inflation in time, but worthless?

 

[beorhthelm]

My bitcoins have been on a journey of late. Reaching for the stars! Never sold any though, I have them in a BRD wallet which I can only send elsewhere, know a good trader?
Do I swap my ETH into something else or hold on?

open account on Coinbase/coinbase pro (or Kraken/Bitstamp if a lot), send there, sell for £ and withdraw to bank. maybe good idea to use alternative account to regular one, in case flags and frozen (small risk easily mitigated with an new online account). and dont forget your taxes

hold ETH.

 

[indy3050]

I will look into it. Thank you!

 

[Weststander]

Nothing goes up forever, so it's only prudent to take out some of your profits. And particularly true of bitcoin because a) it's very volatile and b) you want to periodically check that wherever you're holding your bitcoins hasn't suspended withdrawals due to 'hack', 'systems upgrade' or other excuse for having embezzled your money

He's made money on bitcoins too, but is aware that it's almost like a pyramid scheme. A self fulfilling prophecy of price rises as sheep pile in to buy.

 

[Albion Dan]

Bitcoin price

just backed out of BTC last night, any tips for lower caps with potential?

I would recommend researching the defi space as is going to be the next big thing. In Alt season almost everything with decent fundamentals will rise significantly. It it’s a wild ride. The trick is making sure you don’t hold too long and ride the wave back down which has hurt me badly a couple of times. Alt season should start once BTC value stabilises.

 

[Albion Dan]

There is an asset. A digital store of value that is held as the gold standard for a method of value asset that will be the main function of how we all spend and receive money in the future. In future it may also be the only way to keep and spend money away from the view of govt and mainstream banks? If we are talking Ponzi then isn't money itself the ultimate and almost certainly going to be worthless after this pandemic?

So why is the asset worth a lot more than a month or a year ago? What is the asset doing or invested in to justify a higher valuation?

Money worthless after the pandemic? Devalued quite possibly by inflation in time, but worthless?[/QUOTE]

It’s up a lot more because people and institutions are realising it’s going to be a long term future mechanism for value storage and transactional payment. In the same way Gold price has risen and fallen over time. Fiat money is the ultimate ponzi. Government and banks are just printing it with computers with nothing to back it up whatsoever. That’s a recipe for disaster and mega deflation.

 

[Albion Dan]

Just a word of warning to anyone thinking of jumping into bitcoin who hasn’t got experience. It is due a BIG correction at some point after this parabolic rise. It’s at a big resistance point right now so could start soon. I wouldn’t be surprised to see it come down to mid low $20ks before taking off again for the rest of 2021. It could also continue going batshit mental if it breaks through $44k just make sure that you are managing risk appropriately as it is at a big decision point.

 

[Tom Hark Preston Park]

So why is the asset worth a lot more than a month or a year ago? What is the asset doing or invested in to justify a higher valuation?

Bitcoin is not an asset. It's just a hashkey stored on some dodgy server somewhere. It's worth jackshit, right up to the point where you sell it on to a greater fool. Wanna buy my tulip bulbs? I give you special price

 

[sydney]

So why is the asset worth a lot more than a month or a year ago? What is the asset doing or invested in to justify a higher valuation?

Bitcoin is not an asset. It's just a hashkey stored on some dodgy server somewhere. It's worth jackshit, right up to the point where you sell it on to a greater fool. Wanna buy my tulip bulbs? I give you special price

you can transfer you bitcoins onto your own wallet , you can be a cynical as you like , bitcoin has made a lot of normal people a lot of money since May when they were last halved....$30 k US per coin or there abouts .

 

[Biscuit]

So why is the asset worth a lot more than a month or a year ago? What is the asset doing or invested in to justify a higher valuation?

Bitcoin is not an asset. It's just a hashkey stored on some dodgy server somewhere. It's worth jackshit, right up to the point where you sell it on to a greater fool. Wanna buy my tulip bulbs? I give you special price

Litecoin on the other hand is going to the Moon!

 

[Tom Hark Preston Park]

Litecoin on the other hand is going to the Moon!

Always assuming you can succesfully convert that intrinsically worthless shit back into real money at some point eh?

 

[Berty23]

Some alt coins do have some sort of value. For example Electroneum is low value but they have set up a whole infrastructure for freelance work like Fiverr. They have developed the tech and you pay for your service in fiat currency but the contractor is paid in Electroneum. This has intrinsic value because it can be used to top up mobile phones in most countries and electricity in some. The idea is that it is a currency for the unbanked. Instant transfers can happen on mobile phones. Will the price rise much? No idea. But if it used quite widely then it could rise. Who knows?

I think they are the first crypto currency to advertise on tv as they just started a campaign in the states.

Instant transfers are important because Bitcoin is slow so can’t be used for immediate payment.

 

[Tom Hark Preston Park]

you can transfer you bitcoins onto your own wallet , you can be a cynical as you like , bitcoin has made a lot of normal people a lot of money since May when they were last halved....$30 k US per coin or there abouts .

You really don't get it do you? Bitcoin HAS NO WORTH beyond a hashkey on a pisspoor spreadsheet infinitely hackable by some state-sponsored 16 year old somewhere. Psst... wanna buy my tulip bulbs? I give you special price

 

[beorhthelm]

[You really don't get it do you? Bitcoin HAS NO WORTH beyond a hashkey on a pisspoor spreadsheet infinitely hackable by some state-sponsored 16 year old somewhere. Psst... wanna buy my tulip bulbs? I give you special price

its inherently secure and not hackable. that is the (only) thing that gives Bitcoin value.

i'll buy some bulbs off you when i start collecting them. im focused on my altcoin menagerie at the moment, then maybe some Magic the Gathering cards, Victorian silver coins and art.